DDM Analysis: 4042.T

Valuation Snapshot

Stable Growth	$4,991.96 - $25,003.49	$10,411.45
Multi-Stage	$3,778.74 - $4,134.78	$3,953.47
Blended Fair Value	$7,182.46
Current Price	$2,189.50
Upside	228.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	10.71%	20.22%	95.04	80.01	89.97	61.98	56.57	57.15	61.22	58.12	29.55	23.68
YoY Growth	-	-	18.79%	-11.06%	45.15%	9.57%	-1.02%	-6.66%	5.34%	96.67%	24.82%	57.07%
Dividend Yield	-	-	4.50%	3.81%	5.30%	3.68%	2.95%	3.89%	3.94%	3.38%	1.28%	2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40,439.00
(-) Cash Dividends Paid (M)	31,911.00
(=) Cash Retained (M)	8,528.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,087.80	5,054.88	3,032.93
Cash Retained (M)	8,528.00	8,528.00	8,528.00
(-) Cash Required (M)	-8,087.80	-5,054.88	-3,032.93
(=) Excess Retained (M)	440.20	3,473.13	5,495.08
(/) Shares Outstanding (M)	317.85	317.85	317.85
(=) Excess Retained per Share	1.38	10.93	17.29
LTM Dividend per Share	100.40	100.40	100.40
(+) Excess Retained per Share	1.38	10.93	17.29
(=) Adjusted Dividend	101.78	111.33	117.69
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	4.23%	5.23%	6.23%
Fair Value	$4,991.96	$10,411.45	$25,003.49
Upside / Downside	128.00%	375.52%	1,041.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40,439.00	42,553.66	44,778.91	47,120.52	49,584.57	52,177.48	53,742.81
Payout Ratio	78.91%	81.13%	83.35%	85.56%	87.78%	90.00%	92.50%
Projected Dividends (M)	31,911.00	34,523.43	37,321.82	40,318.47	43,526.47	46,959.73	49,712.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	4.23%	5.23%	6.23%
Year 1 PV (M)	32,152.26	32,460.73	32,769.21
Year 2 PV (M)	32,371.13	32,995.26	33,625.35
Year 3 PV (M)	32,568.42	33,514.85	34,479.44
Year 4 PV (M)	32,744.90	34,019.74	35,331.46
Year 5 PV (M)	32,901.32	34,510.21	36,181.44
PV of Terminal Value (M)	1,038,317.84	1,089,092.14	1,141,833.61
Equity Value (M)	1,201,055.85	1,256,592.94	1,314,220.51
Shares Outstanding (M)	317.85	317.85	317.85
Fair Value	$3,778.74	$3,953.47	$4,134.78
Upside / Downside	72.58%	80.57%	88.85%

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Tosoh Corporation (4042.T)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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